Yup!
From what I'm used to, it can mean
1) to have someone introduce you to date someone "hey, can you hook me up with that friend of yours?"
2) to have a sexual encounter with someone "dude, did you hook up with that girl last night?" or, "we just hooked up last night"(
http://www.urbandictionary.com/define.php?term=Hooked+Up)
3) to give someone free stuff. (like, when the person behind the counter gives you a free item or in the case of a restaurant, also a large portion of food---- because you were nice or when a new store owner gives you more stuff so that you can come back to their store again, )
A - "dude, i was at this restaurant the other day, and they totally hooked me up!"
B- "oh yeah?!"
A - "they got me a cola with my meal" (i dunno, i couldn't really make a sentence LOL)
B - "that's what's up". (that's good/awesome)
4) to ask someone to give you free stuff or to give them good/good quality product. "yo man, hook me up" (
http://www.urbandictionary.com/define.php?term=hook+me+up)
There are multiple things on urbandictionary.com if you want to look up stuff. I even use it because, younger generations are spitting slang I'm not familiar with and I'm just like, "what? what just happened?" lol.